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Suppose that business travelers and vacationers have the following demand for their airline tickets from new yourk to boston

PRICE quantity dem(BT)tickets quantity dem (vt) tickets
150 2100 1000
200 2000 800
250 1900 600
300 1800 400

a) as the price of tickets rises from 200 to 250 what is the price elasticity of demand (use mid Point)
b) why might vacationers have a different elasticity from business travellers

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M938787

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